The Croatia midfielder is on his way out of the Nou Camp with his future up in the air.
Rakitic, 32, joined Barcelona from Sevilla way back in 2014 and has been a key figure in the team ever since.
But his time spent in the first XI diminished this season and the La Liga giants are ready to let him go.
Arsenal are looking for bargain deals in the market with their transfer budget heavily restricted.
And Arteta is interested in bringing the 2018 World Cup finalist to north London from Spain.
According to French outlet Le10 Sport , the two have spoken on the phone regarding a move.
Rakitic was told by Arteta about his desire to make him the focal point of Arsenal’s midfield going forward.
Arsenal secured themselves Europa League football next term on Saturday by winning the FA Cup as they beat Chelsea 2-1.
That will help in them attracting players, although Rakitic has been a Champions League regular throughout his career.
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The chance to showcase his talent in the Premier League, however, may lure him to England’s capital.
Rakitic has informed Arteta, though, that playing in England is not his priority, with clubs in Spain and Italy circling.
A switch to a La Liga rival or move to Serie A is more appealing to the Barcelona ace.
He could even make an emotional return to former club Sevilla ahead of the 2020/21 campaign.